It is just about 2.35pm. The FTSE 100 is up 60 points at 7047, thanks to weaker Sterling, having been 30 points lower at 7017 30 minutes ago. It’s been the mining sector that has been on the bridle with Anglo’s encouraging statement providing the impetus for a 4% rally with Glencore in close order up 4.5%. Also cyclical sectors have been in demand.


Otherwise a few results have driven price dissemination – Whitbread was down 3.9% over the perceived under-performance of London as a catchment area. GKN just slightly under-performed in terms of outlook – down 2% in value. On the positive side, St James’s Place, a stock that Panmure’s Barrie Cornes has admired for some time is up 2.5% and National Express has done even better – up 3.66%. Carpetwright was initially down 2% but is now up 0.64%. There was also a wonderful fashioned hostile takeover bid – no messing – no cat and mouse – 50% premium resulting in MP Evans adding 46%. Hopefully job done!


Most people had more interest in US earnings with their necks cricked looking across the Atlantic at those reporting. Procter & Gamble (+4.34%) were first out of the traps beating expectation on EPS 103 cents against 98 cents. Merck (+0.54%) also beat consensus – 107 cents against estimation of 99 cents. United Utilities (+1.2%) was again a winner 47 cents against 37 cents and GM’s sales were up just over 8% though its shares were down 2% in early skirmishes. DuPont pleased their acolytes with EPS of 34 cents against 21 cents. Eli lily (-2%) did not pass muster 86 cents against hopes for 96 cents. Also Caterpillar lowered guidance but results were better than expected +1.9%. The DOW was down 18 points at 2.35pm

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